SOUTH BOSTON, VA, Aug. 4, 2010 -- Converted Organics Inc. announced today that the Company has signed a letter of intent with Spirit Services Inc. ("SSI"), a full service environmental recycling company, based in Williamsport, Maryland, for the development of an energy and industrial wastewater ("IWW") treatment facility that will use Converted Organics' exclusively-licensed IWW evaporation technology.
Under the agreement, the companies will jointly develop a self-powered IWW treatment complex at SSI's waste oil treatment facility in South Boston, Virginia using Converted Organics' LM-HT™ Concentrator technology for the evaporation and zero-liquid-discharge of IWW. SSI's equipment will run on three recovered waste oil and fuels, bio-diesel or natural gas-fueled engines, with the waste heat generated by these engines used to power Converted Organics' wastewater concentrator.
"We are pleased to be working with Spirit on this important green project, as we believe that the self-power model being implemented here has broader, larger-scale implications in the wastewater treatment industry," said Rick McEwen, President and General Manager of the Converted Organics' Industrial Wastewater Resources division. "The system we are deploying, based on our LM-HT Concentrator, is substantially more energy efficient than other IWW technology, given its ability to run on waste heat generated by the oil treatment system. We believe that the IWW market represents a significant growth opportunity for Converted Organics as we work to build a portfolio of green assets, and are excited about the prospects that exist for the Company in this arena."
Converted Organics is the exclusive licensee of LM-HT Concentrator technology for the treatment of Industrial Wastewater. Due to its unique, energy efficient design, the LM-HT Concentrator provides a highly cost-effective alternative to traditional IWW treatment technology. Once installed at the SSI facility, Converted Organics plans to apply for carbon credits and government grants, based on the technology's ability to reduce carbon emissions and energy consumption through its use of waste heat and renewable energy as thermal fuel.
About Converted Organics
Converted Organics (Nasdaq:COIN) (www.convertedorganics.com) is dedicated to producing high-quality, all-natural, organic soil amendment and fertilizer products through food waste recycling. The Company uses its proprietary High Temperature Liquid Composting (HTLC) system, a proven, state-of-the-art microbial digestion technology, to process various biodegradable food wastes into dry pellet and liquid concentrate organic fertilizers that help grow healthier food and improve environmental quality. Converted Organics sells and distributes its environmentally-friendly fertilizer products in the retail, professional turf management, and agribusiness markets.
About Spirit Services Inc.
Spirit Services Inc. is a full service recycling company specializing in the treatment of non-hazardous waste materials, including industrial and domestic wastewater, generated by various industries and municipalities throughout the Mid-Atlantic and Southeast.
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